Silver rises Rs 123 per kg in futures trade

Speculators create fresh positions even as the white metal weakens overseas

Silver prices edged higher by Rs 123 to Rs 38,314 per kg in futures trading today as speculators created fresh positions even as the white metal weakened overseas.

At the Multi Commodity Exchange, silver for delivery in far-month September traded higher by Rs 223, or 0.32 per cent, to Rs 38,314 per kg in a business turnover of 2 lots.

July silver traded higher by Rs 87, or 0.23 per cent, to Rs 37,755 per kg in two lots.

Market analysts said fresh positions built up by speculators mainly pushed up silver prices at futures trade but metal's losses in global markets, capped the gains.

Meanwhile, silver fell 0.2 per cent to $16.27 an ounce in Singapore.